Reuters: Hot Stocks: STOCKS NEWS THAILAND-Pruksa at 1-week low after weak Q1

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STOCKS NEWS THAILAND-Pruksa at 1-week low after weak Q1 May 9th 2012, 04:32 Wed May 9, 2012 12:32am EDT Pruksa Real Estate Pcl fell as much as 3 percent to its lowest in a week after the housing developer reported a 13.4 percent fall in January-March net profit as massive flooding late last year continued to hurt sales. The share price fell to 16 baht, having hit 15.9 baht at one point. The broader SET index was down 0.98 percent. Six out of 20 analysts tracking the company have a buy or strong buy rating, five rate it as a hold and nine have a sell or strong sell rating. Broker Kasikorn Securities said it maintained its outperform rating on the stock, with a target price of 21 baht ($0.68). "Despite the decline, this is better than we and the market expected," Kasikorn said in a report. "We maintain our earnings projections, as its project transfer momentum will be more back-end loaded in the second half." For the company statement, click 1125 (0425 GMT) (Reporting by Viparat Jantraprap in Bangkok; Editing by Nick Macfie; viparat.jantraprapweth@thomsonreuters.com) ************************************************* 09:43 STOCKS NEWS THAILAND: Citigroup downgrades Home Product to neutral Citigroup cut its rating on Home Product Center Pcl HMPR.BK to neutral from buy, saying the stock appeared fully valued. The broker maintained a target price at 14 baht ($0.45). On Tuesday, Home Product shares ended up 0.7 percent at 14.2 baht. Home Product reported a 50 percent increase in January-March quarter net profit to 610 million baht ($19.68 million), driven by strong post-flood demand for materials to rebuild homes and lower corporate income tax. For the company statement, click (nSETFK67ka) "Since early November, the stock has delivered about 50 percent return and achieved our target price. So we downgrade to neutral from buy," Citigroup said in a report. "Despite strong sales, gross margin, outlet growth and rising interest expense could cap earnings growth," it said. 0929 (0229 GMT) (Reporting by Viparat Jantraprap; Editing by Ed Lane; viparat.jantraprapaweth@thomsonreuters.com)) ($1 = 30.995 baht) Link this Share this Digg this Email Reprints

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